Amphenol vs Corning
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The short version
- Amphenol is the larger business, with $23.1B of revenue in fiscal 2025 against $15.6B for Corning.
- Amphenol grew revenue faster (51.7%, against 19.1%).
- Amphenol kept more of each dollar of sales as operating profit (25.4% operating margin, against 14.6%).
- Amphenol turned more of its sales into free cash flow (19.0% FCF margin, against 9.0%).
- Amphenol earned a higher return on the capital invested in it (29.1%, against 10.8%).
- Investors pay more for each dollar of Corning’s earnings: a P/E of 56.5x against 18.6x for Amphenol.
| Latest fiscal year | APH · FY25 | GLW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.5B | $108.2B |
| Revenue | $23.1B | $15.6B |
| Free cash flow | $4.4B | $1.4B |
| Net income | $4.3B | $1.6B |
| Growth | ||
| Revenue growth | 51.7% | 19.1% |
| 5-year growth | 21.9% | 6.7% |
| Share count change | 1.1% | 0.2% |
| Profitability | ||
| Gross margin | 36.9% | 36.0% |
| Operating margin | 25.4% | 14.6% |
| Net margin | 18.5% | 10.2% |
| FCF margin | 19.0% | 9.0% |
| Return on capital | 29.1% | 10.8% |
| Return on equity | 36.8% | 14.2% |
| Balance sheet | ||
| Net debt | $4.1B | $6.9B |
| Net debt / EBITDA | 0.6x | 1.9x |
| Dividends and buybacks | $1.5B | $1.2B |
| Valuation & quality | ||
| P/E | 18.6x | 56.5x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
APH $6.3B
GLW $9.4B
FY17
APH $7.0B
GLW $10.1B
FY18
APH $8.2B
GLW $11.3B
FY19
APH $8.2B
GLW $11.5B
FY20
APH $8.6B
GLW $11.3B
FY21
APH $10.9B
GLW $14.1B
FY22
APH $12.6B
GLW $14.2B
FY23
APH $12.6B
GLW $12.6B
FY24
APH $15.2B
GLW $13.1B
FY25
APH $23.1B
GLW $15.6B
APH
GLW
Operating margin
FY16
APH 19.2%
GLW 15.2%
FY17
APH 20.4%
GLW 15.9%
FY18
APH 20.6%
GLW 14.0%
FY19
APH 19.7%
GLW 11.4%
FY20
APH 19.1%
GLW 4.5%
FY21
APH 19.4%
GLW 15.0%
FY22
APH 20.5%
GLW 10.1%
FY23
APH 20.4%
GLW 7.1%
FY24
APH 20.7%
GLW 8.7%
FY25
APH 25.4%
GLW 14.6%
APH
GLW
Free cash flow
FY16
APH $887M
GLW —
FY17
APH $918M
GLW —
FY18
APH $802M
GLW $677M
FY19
APH $1.2B
GLW $53.0M
FY20
APH $1.3B
GLW $803M
FY21
APH $1.2B
GLW $1.8B
FY22
APH $1.8B
GLW $1.0B
FY23
APH $2.2B
GLW $615M
FY24
APH $2.1B
GLW $974M
FY25
APH $4.4B
GLW $1.4B
APH
GLW
Return on capital
FY16
APH 17.8%
GLW 8.2%
FY17
APH 12.5%
GLW 4.9%
FY18
APH 21.2%
GLW 6.6%
FY19
APH 18.5%
GLW 5.8%
FY20
APH 17.5%
GLW 2.3%
FY21
APH 19.1%
GLW 9.3%
FY22
APH 20.0%
GLW 6.4%
FY23
APH 19.1%
GLW 4.0%
FY24
APH 20.9%
GLW 4.8%
FY25
APH 29.1%
GLW 10.8%
APH
GLW
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.